Stocks making the biggest moves midday: Johnson & Johnson, Coca-Cola, L Brands & more
Check out the companies making headlines in midday trading:
Coca-Cola — Shares of Coca-Cola jumped more than 2.5% in midday trading after the beverage company said in its third-quarter earnings report that demand for Coke Zero Sugar is driving better revenues. Despite as-expected profit figures, investors snapped up KO shares after its sugarless drink again saw double-digit volume growth.
L Brands — The retailer plunged more than 7.5% following a downgrade to underperform at Credit Suisse. The firm said the company is currently facing a "multitude of challenges," particularly when it comes to underperforming Victoria's Secret where the space "is getting more competitive by the day." The firm also downgraded Macy's and Gap to underperform.
Intuitive Surgical — Intuitive Surgical popped more than 5.5% after it reported quarterly profit of $3.43 per share, beating consensus estimates. The designer of robotic surgical devices saw sales beat estimates, with procedures involving its flagship Da Vinci growing nearly 20% on a year-over-year basis. UBS raised its price target on the stock to $590 following the results, implying 11% upside from Thursday's close.
Johnson & Johnson — The Dow component's stock fell more than 4% on news the company is recalling baby powder after discovering traces of asbestos in it. Johnson & Johnson also said it is working with the Food and Drug Administration in its investigation on the matter.
Chipotle Mexican Grill — Shares of the restaurant chain gained more than 1% after Bank of America upgraded the stock to a neutral rating. The firm said that sales momentum and a drop in avocado prices will power the stock higher.
E*Trade Financial – E*Trade jumped 5% after the brokerage reported quarterly earnings of $1.08 per share, 7 cents a share above estimates. The company, which also topped revenue expectations, said it plans to take more market share in the new zero-commission landscape.
CrowdStrike – Shares of cybersecurity technology company CrowdStrike fell to a 52-week low of $46.90 on Friday after Citi initiated coverage of the stock with a sell rating. The brokerage said CrowdStrike won't be able to sustain the current pace of growth and is likely too expensive relative to normal software multiples. The stock was last seen down 6.7% after falling more than 7% at its lows.
– CNBC's Pippa Stevens and Fred Imbert contributed to this report.